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United Engineers Disposes PT United Engineers Indonesia For IDR70 Billion
Daily Bulletin | 19 October 2015
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United Engineers has announced that the group and its wholly-owned subsidiary, UE Support Services, have disposed their stakes of 98 percent and 1.2 percent respectively in PT United Engineers Indonesia (PTUEI) for a consideration of IDR70 billion (approximately $7. 2 million).

PTUEI is a company incorporated in Indonesia, and its principal activity is in the fabrication of steel structures for mining, oil & gas and construction sectors. The net tangible asset value of PTUEI is negative $0.3 million as at 30 September 2015.

The gain from the sale is approximately $13.2 million, after taking into consideration the transaction costs and realisation of foreign exchange reserves. Following the sale, PTUEI has ceased to be a subsidiary of the group and represents part of the group’s ongoing strategy to divest its non-core assets and to streamline its operations.

United Engineers  2.600 -- --   
Business: [FY17 Turnover] Engineering & distribution (25%), property development (27.1%), property rental & services (24.3%), manufacturing (15.8%), corporate services & others (7.8%).

Insight: May-18, 1Q18 revenue fell marginally by 0.8% to $1... Read More


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